Morgan Stanley CEO says cryptocurrencies ‘aren’t going away'
October 14, 2021, 1:51PM EDT
1 min read
Morgan Stanley CEO James Gorman said that his crypto doesn’t touch a large part of his firms business, but he doesn’t think the asset is going away.
“I don’t think crypto’s a fad, I don’t think it’s going away,” Gorman said on a call with analysts Thursday morning. “I don’t know what the value of bitcoin should or shouldn’t be, but these things aren’t going away and the blockchain technology supporting it is obviously very real and powerful.”
“It's just not a huge part of the business demand from our clients, and that may evolve, and we'll evolve with it," the CEO added.
Morgan Stanley — which reported a net earning of $14.8 billion for the third quarter — showed particular interest in crypto this year. It’s $150 billion investment unit Counterpoint Global explored bitcoin in February of this year, and the firm purchased more than 28,000 shares of Grayscale’s Bitcoin Trust in June of this year.
The Block Research was commissioned by Forte to create “Blockchain-Based Gaming: A Primer” which provides a comprehensive introduction to how blockchain technology is being employed in video gaming experiences.
“It’s a global development.” On this episode of The Scoop, 10T Founder and CEO Dan Tapiero joined host Frank Chaparro to discuss his insights into the globalization of crypto markets and how his macro investing strategy has seen his fund 10T pour hundreds of millions into crypto unicorns. To date, Tapiero has already allocated the […]
The U.S. Securities and Exchange Commission is said to be allowing the first Bitcoin futures exchange-traded fund (ETF), per a Bloomberg report. The publication said in a report on Thursday night that the U.S. regulator “isn’t likely to block the products from starting to trade next week,” citing people familiar with the matter. The report […]